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Telecom NZ quits Cook Islands business
April 1, 2014 / 3:01 AM / 3 years ago

Telecom NZ quits Cook Islands business

WELLINGTON, April 1 (Reuters) - Telecom New Zealand Ltd said on Tuesday it has an agreement to sell its 60 percent stake in Telecom Cook Islands for about NZ$23 million ($19.96 million) to Digicel.

The sale, which was flagged in December, was part of Telecom’s strategy to concentrate on communication and IT businesses in New Zealand, it said.

The sale is expected to be completed by the end of May.

$1 = 1.1524 New Zealand dollars Reporting by Gyles Beckford; Editing by Paul Tait

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